The purpose of this state report card is to provide the general public and policymakers with information they can use to assess and improve postsecondary education in each state. "Measuring Up 2006" is the fourth in a series of biennial report cards. The report card grades states in six overall performance categories: (1) Preparation: How adequately does the state prepare students for education and training beyond high school?; (2) Participation: Do state residents have sufficient opportunities to enroll in education and training beyond high school?; (3) Affordability: How affordable is higher education for students and their families?; (4) Completion: Do students make progress toward and complete their certificates or degrees in a timely manner?; (5) Benefits: What benefits does the state receive from having a highly educated population?; and (6) Learning: What is known about student learning as a result of education and training beyond high school? Findings for Indiana include: (1) Despite substantial improvement, Indiana lags many other states in preparing students to succeed in college. This year Indiana receives a C in preparation; (2) Indiana has made little progress in enrolling students in higher education. Indiana receives a C+ in participation this year; (3) Indiana has made no notable progress in providing affordable higher education. Indiana receives an F in affordability this year; (4) Indiana has maintained its high performance in the proportion of students earning a certificate or degree in a timely manner. This year Indiana receives a B+ in completion; (5) Despite improvement, Indiana lags many other states in realizing the benefits that come from having a more highly educated population. This year Indiana earns a C in benefits; and (6) Like most states, Indiana receives an "Incomplete" in Learning because insufficient data would not allow meaningful state-by-state comparisons. However, data are available this year to examine the readiness of college graduates--from two- and four-year institutions--for advanced practice. This report also includes international comparisons, additional information, questions and answers, and state grades. (Contains 3 figures.) [For "Measuring Up, 2006. The National Report Card on Higher Education," see ED493360.]